Bitcoin miners face revenue pressure near lows
#BinanceBitcoinSAFUFund Revenue Pressure: Bitcoin miners face severe revenue pressure with profitability at a 14-month low and hashrate declining 12% since November.
Technicals: BTC price down 1.09% to $77,554, trading below key moving averages; miner revenue down 35% in two months.
Catalysts: Miners pivot to AI/HPC for higher margins; recent winter storm disrupted operations, exacerbating revenue decline.
Market Status
BTC is trading at $77,554, down 1.09% over 24 hours and 12.2% over seven days, below its 50-day and 100-day moving averages.
Bitcoin's network hashrate has fallen to its lowest level since September 2025, down approximately 12% since November 11, marking the largest drop in over four years.
Miner revenue has sharply declined, with the 7-day average down 35% in the last two months, and daily revenue recently plummeting to a yearly low of $28 million.
Core Driving Factors
The "miner profit/loss sustainability index" has hit 21, its lowest point since November 2024, indicating extreme financial strain on mining operations.
Miners are facing a "harshest margin environment of all time," prompting a strategic pivot towards higher-margin businesses like artificial intelligence (AI) and high-performance computing (HPC).
A recent winter storm in the US caused significant disruptions, forcing mining firms to curtail operations and contributing to the hashrate and revenue decline Link.
Smart Money Flow
The long/short ratio for BTC is 0.23, indicating a significant dominance of short positions among whale and trader accounts.
Top traders have shown a net selling bias, with a "sell" signal in 16 out of the last 17 one-hour windows, reflecting cautious or bearish sentiment in the futures market.
Risk Warning
The market is in "Extreme fear" with a Fear & Greed Index of 15, suggesting potential for a contrarian buying opportunity but also high downside risk.
$BTC